Goodmorning Y'all.
As I have agreed with myself When starting analyzing my day at the charts I always going to start with Bitcoin.
Because it is still the mother of all coins and when bitcoin goes alt coins most likely follows.
We have seen a long black candle putting prices lower.. most likely a whale who is taking his profits after seeing the double top formed.
A double is a reversal pattern in the Western charting technique. We have to hold this support line at $38K otherwise we shall fall back at a critical support line at $37.5K
If that one doesn't hold we can fall back between $35K-$37.5K.
Positive though is the RSI around 35 that constitutes of an oversold situation.. It can go lower off course but with the support line in sight it gives some confidence that line will hold.
I don't it will hold but the foresight is a little more positive.
As I have agreed with myself When starting analyzing my day at the charts I always going to start with Bitcoin.
Because it is still the mother of all coins and when bitcoin goes alt coins most likely follows.
We have seen a long black candle putting prices lower.. most likely a whale who is taking his profits after seeing the double top formed.
A double is a reversal pattern in the Western charting technique. We have to hold this support line at $38K otherwise we shall fall back at a critical support line at $37.5K
If that one doesn't hold we can fall back between $35K-$37.5K.
Positive though is the RSI around 35 that constitutes of an oversold situation.. It can go lower off course but with the support line in sight it gives some confidence that line will hold.
I don't it will hold but the foresight is a little more positive.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.